Background and Objective: Apixaban was shown to be superior to warfarin and acetylsalicylic acid in preventing stroke in patients with atrial fibrillation and at least one additional risk factor. This study compared the cost effectiveness of apixaban versus warfarin and acetylsalicylic acid in this patient population in Germany. Methods: We constructed a lifetime Markov model with 12 health states, based on the results of the Aristotle and Averroes trial, to evaluate the cost effectiveness of apixaban from the social healthcare perspective. Our base-case assumed a cohort of 65-year old patients with a CHADS 2 Score of 2.1. We used a 1-month cycle-length. The outcome was measured in quality-adjusted life-years (QALYs), costs and incremental-cost-effectiveness ratios (ICER). The robustness of the model was tested with one and two way sensitivity analyses. A probabilistic sensitivity analysis was also performed. Results: Under base case conditions, total costs per patient were € 33,427 and € 33,118 for apixaban and warfarin. Corresponding QALYs were 10.79 and 10.06 in the lifetime Markov model. The ICER was € 423 per QALY. Monte Carlo simulation demonstrated apixaban was cost-effective in 86 % and